Global HVAC Market to Reach $68 Billion by 2022
By the year 2022, the global heating, ventilation and air conditioning (HVAC) market is expected to reach $68.93 billion in value. That’s an estimated compound annual growth rate (CAGR) of 4.34 percent from 2016 to 2022.
The forecast comes from market research firm Research and Markets, which performed an analysis on the worldwide HVAC market in February 2016. The study examined the HVAC market value, market volume, drivers, growth opportunity and challenges.
What’s driving the growth of the global HVAC market? The market research firm cites rising population, recovery in housing markets and advancement in reliable energy sources as key drivers. Here are some additional findings:
- The global HVAC market is expected to grow in both volume and value
- The total market covers major HVAC products, including window and portable A/C units, split air conditioners and more
- Research and Markets’ analysis covered the following regions: the Americas, Europe, Asia-Pacific and the Middle East and Africa
- Asia-Pacific is the leading global HVAC market due to high demand from emerging economies in China, India and more
- The Americas is expected to show significant demand for HVAC products and equipment through 2022 as well
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